Accounting Cycle quiz Financial Accounting Quiz On Feb 9, 2025 Share /10 12345678910 Accounting Cycle 10 questions in 10 minutes Pass Score 70% 1 / 10 Which types of accounts will appear in the post-closing trial balance? None of the above Accounts shown in the income statement columns of a worksheet Permanent (real) accounts Temporary (nominal) accounts 2 / 10 When a net loss has occurred, Income Summary is : credited and Owner’s Capital is debited debited and Owner’s Drawings is credited debited and Owner’s Capital is credited credited and Owner’s Drawings is debited 3 / 10 The correct order of presentation in a classifed balance sheet for the following current assets is : accounts receivable, cash, prepaid insurance, inventory cash, accounts receivable, inventory, prepaid insurance inventory, cash, accounts receivable, prepaid insurance cash, inventory, accounts receivable, prepaid insurance 4 / 10 Which of the following statements is incorrect concerning the worksheet ? Financial statements can be prepared directly from the worksheet before journalizing and posting the adjusting entries The worksheet is distributed to management and other interested parties The worksheet cannot be used as a basis for posting to ledger accounts The worksheet is essentially a working tool of the accountant 5 / 10 Current assets are listed : by longevity alphabetically by expected conversion to cash by importance 6 / 10 All of the following are required steps in the accounting cycle except : preparing a worksheet journalizing and posting closing entries preparing fnancial statements journalizing the transactions 7 / 10 In a worksheet, net income is entered in the following columns : income statement (Dr) and balance sheet (Dr) income statement (Cr) and balance sheet (Dr) income statement (Cr) and balance sheet (Cr) income statement (Dr) and balance sheet (Cr) 8 / 10 Cash of $100 received at the time the service was performed was journalized and posted as a debit to Cash $100 and a credit to Accounts Receivable $100. Assuming the incorrect entry is not reversed, the correcting entry is : debit Cash $100 and credit Service Revenue $100 debit Service Revenue $100 and credit Accounts Receivable $100 debit Accounts Receivable $100 and credit Service Revenue $100 debit Accounts Receivable $100 and credit Cash $100 9 / 10 A company has purchased a tract of land. It expects to build a production plant on the land in approximately 5 years. During the 5 years before construction, the land will be idle. The land should be reported as: an intangible asset a long-term investment property, plant, and equipment land expense 10 / 10 The proper order of the following steps in the accounting cycle is : journalize transactions, post to ledger accounts, prepare unadjusted trial balance, journalize and post adjusting entries prepare unadjusted trial balance, journalize transactions, post to ledger accounts, journalize and post adjusting entries journalize transactions, prepare unadjusted trial balance, post to ledger accounts, journalize and post adjusting entries prepare unadjusted trial balance, journalize and post adjusting entries, journalize transactions, post to ledger accounts Your score is LinkedIn Facebook Twitter VKontakte 0% Send feedback Question topics Classified balance sheet Prepare a worksheet Preparing adjusting entries Preparing closing entries accountingaccounting examaccounting exam financial
